Hickory-Grilled Rib-Eye Steaks with Bacon-Molasses Butter

Position rack in top third of oven and preheat to 375°F. Line small baking sheet with foil. Arrange bacon slices on foil; brush bacon with all of molasses, then sprinkle with pepper. Bake until bacon is cooked through but not crisp, about 15 minutes. Transfer bacon to work surface; cool. Chop bacon; transfer to small bowl. Add butter and stir to blend. Season to taste with salt and pepper. (Can be made 1 day ahead. Cover; chill. Bring to room temperature before using.)

Prepare barbecue (medium-high heat). When coals are white, spread wood chips in 8x8-inch disposable aluminum foil pan; place pan directly atop coals. Sprinkle steaks with salt and pepper. When chips are smoking, place steaks on grill rack. Cover grill and cook steaks to desired doneness, about 4 minutes per side for medium-rare. Transfer steaks to plates. Spoon bacon-molasses butter atop each and serve.